If the economy does not respond to the Fed's tools of policy, the Fed is very limited in what else it can do to correct economic imbalances
Indicate whether the statement is true or false
TRUE
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In U.S. recessions, growth in total consumption is ________, which is ________ with the workings of the permanent-income and life-cycle hypotheses
A) largely uninterrupted, perfectly consistent B) largely uninterrupted, rather inconsistent C) noticeably reduced, perfectly consistent D) noticeably reduced, rather inconsistent
The table above gives the demand schedule for peas. Which of the following statements CORRECTLY describes the price elasticity of demand?
A) The price elasticity of demand is larger at point A than at point B. B) The price elasticity of demand is larger at point D than at point A. C) The price elasticity of demand is constant because the slope is constant. D) The price elasticity of demand increases moving from point A to point B to point C to point D to point E.
When a cartel maximizes its profit,
A) each firm necessarily produces the same amount. B) the industry level of output is efficient. C) industry marginal revenue equals industry marginal cost at the level of total output. D) total output is greater than it would be without collusion.
A common resource is nonrival but excludable
Indicate whether the statement is true or false